کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
1017386 | 940299 | 2013 | 7 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Human and financial capital as determinants of biopharmaceutical IPO de-listings Human and financial capital as determinants of biopharmaceutical IPO de-listings](/preview/png/1017386.png)
The present study combines human capital theory with work on IPOs related to sources of financial capital of recent, publicly traded biopharmaceutical firms and relates this to the de-listing of these firms. The study follows the generally accepted view that more or better quality human capital is a positive factor in individual and firm performance to develop the hypotheses, positing a negative relationship between these factors and IPO de-listing. The results show that to a limited extent firms having CEOs with more or better human capital and strategic alliance partners are associated with biopharmaceutical IPOs’ de-listing. The study further finds that de-listing in this industry is due primarily to acquisitions (and not financial distress) and that the findings differ based upon whether examining financial distress or acquisition de-listings. The study draws upon the IPO motivation literature to help explain the results.
Journal: Journal of Business Research - Volume 66, Issue 12, December 2013, Pages 2612–2618